§ 24-11-207 - Annual accountant's report.
24-11-207. Annual accountant's report.
(a) (1) The board of trustees of each plan shall annually cause an accountant's report to be prepared covering each plan fiscal year.
(2) The accountant's report shall be prepared by an accountant, or the board of trustees may authorize the city clerk or recorder or treasurer or, in the case of a fire improvement district, the secretary-treasurer of the board of commissioners to prepare the report, but only if the fund's accounts have been kept in accordance with reporting procedures established by the office of the Arkansas Fire and Police Pension Review Board.
(b) Each accountant's report shall include at least the following:
(1) (A) The plan's revenues and expenditures during the year.
(B) The revenues exhibit shall show at least the annual total for each of the following items:
(i) Employee contributions;
(ii) Employer contributions from the state;
(iii) Employer contributions, other;
(iv) Investment income:
(a) Interest and dividends;
(b) Gain or loss on sales;
(c) Other (specify); and
(d) The total of subdivisions (b)(1)(B)(i)-(iii) of this section;
(v) The unrealized gain or loss from the previous year on corporate common or preferred stock, if using the option to include eighty percent (80%) of year-end market value;
(vi) Other (specify); and
(vii) The total of subdivisions (b)(1)(B)(i)-(vi) of this section.
(C) The expenditures exhibit shall show at least the annual total for each of the following items:
(i) Refunds of employee contributions;
(ii) Benefits paid;
(iii) Administrative expenses;
(iv) Other (specify); and
(v) The total of subdivisions (b)(1)(C)(i)-(iv) of this section.
(D) The difference between revenues and expenditures is the change in plan reserve assets for the year;
(2) (A) The plan reserve assets.
(B) The reserve assets exhibit at year's end shall show at least the total for each of the following items:
(i) Cash and bank checking accounts, noninterest-earning;
(ii) Bank deposits, interest-earning;
(iii) Savings and loan deposits, interest-earning;
(iv) Other cash equivalents, maturing in one (1) year or less;
(v) United States Government securities;
(vi) Non-United States Government securities;
(vii) Mortgages;
(viii) Corporate bonds;
(ix) Corporate common and preferred stock;
(x) Other (specify); and
(xi) The total of subdivisions (b)(2)(B)(i)-(x) of this section.
(C) The assets will be valued on the asset valuation method determined by the Arkansas Fire and Police Pension Review Board in consultation with its actuary;
(3) The accumulated employee contributions at year's end of all nonretired covered employees; and
(4) For a plan covering both volunteer firemen and full-paid firemen, the following items specified in this section, which shall be prepared separately for each of the two (2) groups:
(A) Subdivision (b)(1)(B)(i) of this section;
(B) Subdivisions (b)(1)(C)(i) and (ii) of this section; and
(C) Subdivision (b)(3) of this section;
(c) The accountant shall certify that, in his or her opinion, the information contained in his or her report is an accurate statement of these activities in accordance with the provisions of this subchapter.